The Concept of Marketing Mix
Marketing is a wide concept defined as putting the right product in the right place at the right price in the right time. This involves a lot of hard work and research. It is a vicious circle in which all components are important and if anything goes out of place the whole chain gets disrupted.
One of the ways to put everything in place is to use the marketing mix. This deals in everything related to the development of a product and delivering it to the market. The execution of the marketing mix is through the 4 P’s which are price, product, place, promotion. Let us look at each of this component for better understanding.
Price: this is the main concept for any product to succeed in the market. This price can be either high or low depending on customer perceptions. If it is placed at a higher value, then it is towards a great journey ahead. But beware if it is to be placed at a lower value so that you can work on how to make it market-oriented.
Product: the product is either a tangible or intangible one meaning a good or service that satisfies the customer need in some way. All products follow a product lifecycle and get to the market. Thus it is important to understand how the product serves the customers and all the benefits it offers to them. Also, the potential buyers of this product should be understood.
Promotion: this is about the strategy of marketing which means the method in which the product reaches the customers or the market space. There are numerous ways like media which is the best way now. The other forms are newspapers, magazines a, banners and billboards. Other promotional techniques are through offers, discounts, and special sales. So promotion is an inevitable component of the marketing mix.
Place: this is the place from where the customer can take the product or buy it. This has to be a place which he can reach easily.distribution is the key factor in this criteria. Thus the proper strategies need to be accessed to find the best route to reach the customer.
These are four unique variables which are interdependent and essential for every product. Thus these should be decided in conjunction with each for the success of the product. So it is clear that the marketing mix is the crux of a product launch in a market.